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HT1 [OUTPERFORM +17.6%] - Competition and rising costs point to tough year ahead - Update

We downgrade HT1 to OUTPERFORM and cut our target price to VND14,700 per share as HT1’s ability to maintain positive top-line growth becomes uncertain.We cut our 2018F NPAT-MI by 29% to VND456bn (USD20.1mn), down 4% vs 2017, as we expect negative volume and ASP growth due to tougher competition as well as margin compression from rising input costs, which might only be partially passed through to customers.